Utah Code 38-11-203. Disbursements from the fund — Limitations
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(1) A payment of any claim upon the fund by a qualified beneficiary shall be made only upon an order issued by the director finding that:
Terms Used In Utah Code 38-11-203
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(1)(a) the claimant was a qualified beneficiary during the construction on a residence;(1)(b) the claimant complied with the requirements of Section 38-11-204;(1)(c) there is adequate money in the fund to pay the amount ordered; and(1)(d) the claimant provided the qualified services that are the basis of the claim.
(2) A payment of a claim upon the fund by a laborer shall be made only upon an order issued by the director finding that:
(2)(a) the laborer complied with the requirements of Subsection 38-11-204(7); and
(2)(b) there is adequate money in the fund to pay the amount ordered.
(3)
(3)(a) An order under this section may be issued only after the division has complied with the procedures established by rule under Section 38-11-105.
(3)(b) The director shall order payment of the qualified services as established by evidence, or if the claimant has obtained a judgment, then in the amount awarded for qualified services in the judgment to the extent the qualified services are attributable to the owner-occupied residence at issue in the claim.
(3)(c) The director shall order payment of interest on amounts claimed for qualified services based on the current prime interest rate at the time payment was due to the date the claim is approved for payment except for delays attributable to the claimant but not more than 10% per annum.
(3)(d) The rate shall be the prime lending rate as published in the Wall Street Journal on the first business day of each calendar year adjusted annually.
(3)(e) The director shall order payment of costs in the amount stated in the judgment. If the judgment does not state a sum certain for costs, or if no judgment has been obtained, the director shall order payment of reasonable costs as supported by evidence. The claim application fee as established by the division pursuant to Subsection 38-11-204(1)(b) is not a reimbursable cost.
(3)(f) If a judgment has been obtained with attorneys’ fees, notwithstanding the amount stated in a judgment, or if no judgment has been obtained but the contract provides for attorneys’ fees, the director shall order payment of attorneys’ fees not to exceed 15% of qualified services. If the judgment does not state a sum for attorneys’ fees, no attorneys’ fees will be paid by the director.
(4)
(4)(a) Payments made from the fund may not exceed $75,000 per construction project to qualified beneficiaries and laborers who have claim against the fund for that construction project.
(4)(b) If claims against the fund for a construction project exceed $75,000, the $75,000 shall be awarded proportionately so that each qualified beneficiary and laborer awarded compensation from the fund for qualified services shall receive an identical percentage of the qualified beneficiary’s or laborer’s award.
(5)
(5)(a) A payment of any claim upon the fund may not be made to an assignee or transferee unless an order issued by the director finds that:
(5)(a)(i) the claim is assigned or transferred to a person who is a qualified beneficiary; and
(5)(a)(ii) the person assigning or transferring the claim:
(5)(a)(ii)(A) was a qualified beneficiary during the construction on a residence; and
(5)(a)(ii)(B) provided the qualified services that are the basis of the claim.
(5)(b) A claimant who is an assignee or transferee of a claim upon the fund under this Subsection (5) does not have to meet the requirements of Subsections 38-11-203(1)(a) and (d).